By Zairina Zainudin
KUALA LUMPUR, Sept 14 -- Gold futures contracts on Bursa Malaysia Derivatives are expected to trade higher next week in anticipation of a weaker greenback, according to a dealer.
“Trading in gold is likely to be cautious with an upside bias next week ahead the announcement of the US Federal Reserve's rate decision.
“The market is also awaiting the US retail sales data to be released later to measure the strength of the economy,” Phillip Futures Sdn Bhd dealer Lee Pei Wan told Bernama.
Markets are expecting the US central bank to cut its key interest rate by 25 basis points at its Sept 17-18 meeting amid low inflation and trade-related risks.
On a Friday-to-Friday basis, spot month September 2019 fell 132 ticks to RM200.70 per gramme, October 2019 decreased 106 ticks to RM202.70 per gramme, November 2019 contracted 86 ticks to RM203.10 per gramme, while December 2019 lost 90 ticks to RM203.20 per gramme.
Weekly turnover improved to 23 lots worth RM122,010 from three lots valued at RM61,940 last week, while open interest widened to 133 contracts from 114 contracts previously.
-- BERNAMA